U.S. markets
U.S. stocks were in the green on Friday morning, with crude oil prices recovering from Thursday's losses. The Dow Jones rose 0.74% to 32,861, the S&P 500 Index gained 0.82% to 3,941 and the Nasdaq Composite Index was up 0.42% to 13,031.
Gainers
- Marathon Oil Corp. (MRO, Financial) +4%
- Occidental Petroleum Corp. (OXY, Financial) +2.3%
- Nike Inc. (NKE, Financial) +2.5%
- Best Buy Co. Inc. (BBY, Financial) +2%
- FedEx Corp. (FDX, Financial) +1.2%
Losers
- StarTek Inc. (STR, Financial) -3.5%
- Ulta Beauty Inc. (ULTA, Financial) -0.7%
- Travelers Companies Inc. (TRV, Financial) -0.6%
- Chubb Ltd. (CB, Financial) -0.4%
- Ford Motor Co. (F, Financial) -0.4
Global markets
The main European stock markets traded in the green.The U.K.'s FTSE 100 was up 0.99%, Germany's Dax advanced 0.87%, France's CAC 40 gained 0.61% andSpain's Ibex 35 climbed 1.05%.
In Asia, Japan's Nikkei 225 gained 1.56%, India's BSE Sensex rose 1.17%, Hong Kong's Hang Seng advanced 1.56% and China's Shanghai Composite was up 1.63%.
GAN releases earnings report
Shares of GAN Ltd. (GAN, Financial) fell more than 18% on Friday morning, to change hands at $18.56, after the company posted its fiscal fourth-quarter results.
Revenue fell by 16.7% year over year to $8.9 million, falling $2.94 million short of analysts' expectations. The company posted a loss of 27 cents per share, which were also down by 21 cents from estimates.
CEO Dermot Smurfit had the following to say:
"Our annual revenue increased 17% in 2020, but the key recurring components of that, our U.S. RMiG and Simulated offerings, saw revenue growth of 92% and 77%, respectively. We also invested in our infrastructure and have fully converted to U.S. GAAP during the fourth quarter, which completed our journey to becoming a public company listed and based in the U.S. Most importantly, we filled a significant need in our product offering through Coolbet's best-in-class sportsbook engine, which positions GAN as a full-service B2B solution for real money gaming in the U.S. and as a vertically integrated B2C player in select international markets."
Moreover, the annual gross operating revenue rose 73% to $545 million year over year, while the quarter's gross operating revenue reached $131.8 million, up 9% compared to $120.8 million due to growth in U.S. iGaming, despite the decline in online sports betting.
The adjusted Ebitda for the quarter registered a loss of $6.0 million compared to adjusted Ebitda of $5.1 million in the prior year due to the increased operating costs in the current year and the B2C/WinStar impact.
Looking forward to fiscal 2021, the company expects full-year revenue to be between $100 million and $105 million and first-quarter revenue in the range of $24 million to $25 million.
GAN shares have retreated 8% since the beginning of the year versus the S&P 500's gain of 6.3%.
During the fourth quarter, Mario Gabelli (Trades, Portfolio) initiated a new position with 106,050 shares.
Disclosure: The author holds no positions in any stocks mentioned.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
